Less than two years after its public launch, The O.H.I.O. Fund has invested nearly $200 million into companies and real estate projects in the state — and its leaders say that pace is going to speed up.

Why it matters: Tech and startup investment remains concentrated on the coasts and on AI software, but TOF is investing at home in fields ranging from manufacturing and dog food to biopharmaceuticals and finance.

Catch up quick: TOF launched publicly after closing its first fund in June 2024, co-founded by Drive Capital's Mark Kvamme and JumpStart's Ray Leach.

Driving the news: The fund has been busy.

• Last month, TOF announced its 30th investment, in Hyperframe, a startup creating steel framing for construction that relocated from California to Columbus.
• And last week, the fund invested another $25 million into rapidly growing cellular and wireless module manufacturer Eagle Wireless, based in Solon, as part of a $30 million Series B round.

What they're saying: Leach tells Axios he expects the first quarter of 2026 to maintain the pace.

• "This isn't, 'We got to 30 and now we're going to rest,'" he says. "The demand and opportunity is increasing, not decreasing."

By the numbers: TOF has raised $356 million and invested $196 million into Ohio companies and real estate projects.

• Investments span 12 Ohio counties.
• Those investments generated $75 million in returns through January.

The big picture: TOF's mantra — "Bullish on Ohio" — is the first phrase on its homepage and a sentiment Kvamme says has never been more appropriate.

• "In Central Ohio, for example, it's go, go, go, grow, grow, grow. It's pretty amazing. And you have that at different levels across the state. But in Central Ohio, it's up and to the right."

TOF leadership sees an opportunity in restoring Ohio's manufacturing prowess.

Flashback: In the mid-20th century, Ohio was a manufacturing powerhouse.

• The state's manufacturing jobs peaked around 1.4 million in the late 60s — today, there are about half as many.

Yes, but: Kvamme and Leach believe manufacturing is coming back to America for a variety of reasons, from tariffs and COVID shifts to labor cost differential and incentives.

• "Why shouldn't it come back to Ohio? We're not making these decisions based on our hearts. It's really more our heads and our wallet," Leach says.

Case in point: In addition to Hyperframe and Eagle Wireless, TOF's portfolio includes infant formula company Bobbie, pet food company Sundays for Dogs, prefab housing manufacturer Connect Housing Blocks and a Cincinnati steel fabricator TOF plans to announce soon.

The big picture: Don't mistake Kvamme for an AI skeptic — in December, he told Columbus' ED411 conference that "AI is impacting everything, and great wealth is being created."

• But manufacturing is still important, he says.
• "At the end of the day, Ohio is where you make things," Kvamme says. "The last time I checked, an AI bot doesn't cook your food. It has to get made by somebody. Someone's got to make the stove, the refrigerator, all those things."

🧒 Nationwide Children's Hospital has started screening children's reading skills during checkups to help address lagging literacy rates. (AP)

A grand jury indicted the former property manager of the condemned Colonial Village apartments on multiple criminal charges tied to renting unsafe units to hundreds of Haitian immigrants. (WSYX-TV)

🏢 Another downtown office building will be converted into housing: Nationwide's 18-story tower at 280 N. High St. (Dispatch)

🚗 Lawmakers will consider allowing Ohio drivers to buy "blackout" license plates. (Carscoops)

🔍 A Columbus mom is asking for two ICE agents to be investigated, alleging they pepper sprayed her and her three daughters through a car window during December's "Operation Buckeye" enforcement push. (WCMH-TV)

👋 Alissa here. If women refuse to date local men after watching Season 10 of "Love Is Blind," who could blame them?

State of play: This week's two episodes of Netflix's reality dating series see our Ohio couples getting ready to walk down the aisle, but not before a few continue embarrassing themselves during a mixer at Pins.

• The way some of these dudes are acting, Netflix would be right to secure a copyright license for TLC's "No Scrubs."

What's next: Episode 11 concludes with Columbus retail merchandiser Emma Betsinger standing at the altar with her Clevelander fiancé Mike Gibney, contemplating an "I do."

• We'll find out who gets married and who gets left at the altar during next Wednesday's finale.

💭 My thought bubble: Thankfully, this season's most respectable dudes hail from Central Ohio.

• I'd bet anything Ohio State professor Vic St. John and his fiancée Christine Hamilton will say "I do," and I'm happy to see local couple Jordan Faeth and Amber Morrison are still in the mix too.

Go deeper: Axios Cleveland's Troy Smith and I break down which Ohio guys annoyed us the most. (As always, prepare for spoilers!)

Forget about winter — another dreaded season has arrived.

Driving the news: Yes, it's pothole time. And you've probably learned the hard way if you've driven anywhere lately.

• Asphalt is prone to cracking during repeated cycles of freezing and thawing, and Central Ohio has experienced plenty of that recently.

A reminder on how to report potholes for patching:

🛣️ For highways, use this Ohio Department of Transportation website or call 614-466-7170.

🚗 For roadways in Columbus city limits, use the city's 311 system (614-645-3111).

🔎 Check other local municipalities' websites for similar systems.

Flashback: A few winters ago, Columbus crews alone repaired over 36,000 potholes.